Fixed-Rate Mortgages Continue to Fall in the Week Ending July 18th

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, July 18th.

The 30-year fixed-rate mortgage averaged 6.77%, down from last week when it averaged 6.89%. A year ago at this time, the 30-year rate averaged 6.78%.

The 15-year fixed-rate mortgage averaged 6.05%, down from last week when it averaged 6.17%. A year ago at this time, the 15-year rate averaged 6.06%.

Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:

“The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week. Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5% below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.”